In light of Nigeria's housing deficit that need 17 million housing units annually in order to be solved, a real estate expert is speaking out.
5 suggestions made by a real estate expert concerning housing issues
A real estate professional is advising the Federal government on how to solve Nigeria's housing problems.
Albert Orizu, the CEO of Knight Frank Nigeria (the world's leading independent real estate consultancy), has made some suggestions for the Federal government and new minister of power, housing and works, Babatunde Fashola.
These recommendations include:
Providing affordable housing finance- “There is need to make housing finance within the reach of an average Nigerian. Things that relates to the acquisition of titles should also be made much more accessible, without bureaucratic bottlenecks such that housing developments will be less cumbersome for any Nigerian planning to have shelter over their heads."
Implementation of the Land Use Act- “They should look at the provisions of the Land Use Act, remove the bottlenecks that make it difficult to implement, and ensure access to land and housing finance, so that developers and individuals can get loans at affordable, reduced or single digit interest rates."
Creation of new towns and satellite towns- “There is also need for government to take up initiative to create new towns and satellite towns, but the new schemes should be able to provide infrastructure and services for the catchment of people living in a particular area in terms of providing offices and residential accommodation, medical care, and all necessities of life without traveling out of the towns and long distances to get the services.”
Raise in oil prices- According to Orizu, the dip in oil prices is preventing some oil companies from expanding the way they were expected to carry out their operations, thus affecting the nation’s property market negatively. Hence, the need for a raise in oil prices.
More investors- “Our economy is being diversified to bring in many key players from all sectors into the market place."
Knight Frank Nigeria recently celebrated it's 50th anniversary in May.
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